The Relationship between Ownership and Performance: A Review of Theory and Evidence

Yabei Hu, Shigemi Izumida

Abstract

This paper surveys the theoretical basis for, and empirical evidence on the relationship between ownership structure and corporate performance from two perspectives: ownership concentration and managerial ownership. We pay special attention to see reasons for discrepancies among previous empirical research, such as corporate governance environments, data issues, variable measurements, and estimation methods. General directions for future work are discussed as well.

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